Bowmark Capital, a mid-market private equity firm, has sold Nexus Vehicle Rental (Nexus), a U.K.-based corporate vehicle rental provider, to Phoenix Equity Partners for 142 million pounds ($186 million).

The investment generated a return for Bowmark-managed funds of over three-times the cost. Established in 1999, Nexus connects vehicle rental companies with corporate customers via a proprietary online booking and rental management system. This automates and streamlines the procurement process — providing over 1,000 customers with access to more than 550,000 vehicles from 2,000 locations across over 200 suppliers. 

Since Bowmark acquired the company in 2015, Nexus has grown its share of the corporate market, winning contracts for a number of the U.K.’s leading brands and supporting them to manage their fleet requirements. It has also launched a new service in the heavy goods vehicle sector, to become the first provider to offer a national HGV rental solution alongside cars and vans through a single, integrated technology platform.

Under Bowmark’s ownership, Nexus has generated strong revenue growth and more than doubled its profits.

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